The following information describes Lansur's Corp. activities with Bank SWN during September 2019: 1. The cash...

The following information describes Lansur's Corp. activities with Bank SWN during September 2019:

1. The cash account balance at the bank according to the ledger as of September 1, 2019 is Rp. 16,245,180.

2. The company's cash receipts during the month of September according to the cash receipts journal were Rp 45,634,920, while checks withdrawn during the month totaled Rp 52,911,340.

3. Bank statements at the end of September 2019 show a balance of Rp 6,652,020

4. A bank statement is attached with a debit memo on the return of checks received from Nazira corp. since the check has no funds. The check value is Rp 876,470.

5. Checks that are still outstanding as of September 30, 2019 are Rp. 361,320

6. Checks withdrawn by Mulya corp. amounting to Rp 546,330 have been recorded by the bank as checks withdrawn by Lengser corp.

7. Deposits in transit at the end of September 2019 are Rp 2,100,300.

8. Checks received from Damai Corp. of Rp. 947,600. has been recorded by the company with a total of Rp. 94,760.

9. Bank administrative costs of Rp 7,800 have not been recorded.

Requested:
a. Make a bank reconciliation as of 30 September 2019.

b. Based on the reconciliation, make an adjusting entry.

Note:
Rp= Currency Unit

Solutions

Expert Solution

Solution:

Bank Reconciliation Statement
Lansur's Corp
Bank	Book
Balance, September 2019	6652020	Balance, September 2019	8968760
Add:			Add:
Deposit in transit	2100300
Wrong Bank Entry	546330	Error in recording	852840

		9298650			9821600
Less:			Less:
Outstanding Cheques	361320	Bank Charges	7800

			Cheques Returned	876470

		361320			884270
Adjusted Bank Balance	8937330	Adjusted Book Balance	8937330

Adjusting Entries

Bank Charges	7800
Cash		7800
(To record the charges leved by the bank)

Accounts Receivable - Nazria Corp	876470
Cash		876470
(To record NSF check from Nazria Corp)

Cash	852840
Accounts Receivable - Damai Corp		852840
(To adjust the collection from Damai Corp)

PS: In case of any clarifications kindly use the comment box instead of a thumbs down. We look forward to clear your doubts.

ekkarill92 answered 1 year ago

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